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This document provides you with key information about this investment product. It is not marketing material.
The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
PRIIPs Regulation Key Information Document
Under the EU’s Packaged Retail and Insurance-based Investment Products (‘PRIIPs’) Regulation, ICG Enterprise Trust is required to produce a Key Information Document (‘KID’) setting out prescribed information regarding its ordinary shares.
The performance and costs disclosures contained in the KID and the methods by which they are calculated are strictly prescribed by the PRIIPs Regulation and differ from the ways in which ICG Enterprise presents its own financial information. It may therefore be helpful to investors to understand these differences:
Performance
The purpose of a KID is to provide retail investors with standardised illustrations of theoretical risk and returns to enable the comparison of different investment products available across a very wide range of financial sectors.
- In the case of investment trust companies, these illustrations are based on daily share prices with dividends reinvested (“Total Shareholder Return”) over the previous five years, which are then projected forward over various time periods and adjusted for risk.
- The KID presents stress, unfavourable, moderate and favourable performance scenarios which are derived from Total Shareholder Return.
- In recent years, equity markets have however experienced a period high returns and low volatility, which under the KID’s prescribed methodology could lead to projections which are potentially over-optimistic. We would therefore remind investors that past performance is not a reliable guide to future returns.
- ICG Enterprise Trust measures its actual performance by its net asset value per share total return (‘NAVTR’). The NAVTR includes all of the components of the Company’s performance. We believe it remains the most appropriate measure of the success of the investment strategy and how the portfolio is managed and will continue to report our actual performance on this basis.
- The Total Shareholder Return will differ from the NAVTR depending on the movement in the share price discount to NAV per share.
- Further information on the Company’s NAVTR can be found in the Results and Reports.
Costs
- The KID presents a table of costs which are not included within ICG Enterprise Trust’s ongoing charges ratio, a measure of expenses prepared in accordance with guidance published by the Association of Investment Companies and broader market practice.
Please see table below for a summary of the differences between the KID costs and the Company’s ongoing charges.
| Ongoing charges | KID | |
| Direct costs | ||
| - Management fee | Yes – 1 year basis | Yes – 1 year basis |
| - Company running costs | Yes – 1 year basis | Yes – 1 year basis |
| - Performance fee | No | Yes – 5 year average |
| - Financing costs | No | Yes – 1 year basis |
| - Transaction costs payable to third parties | Yes – 1 year basis | Yes – 3 year average |
| Indirect costs | ||
| - Fees payable to underlying managers of funds the Company invests in | No | Yes – 1 year basis |
| - Performance fees payable to underlying managers of funds the Company invests in | No | Yes – 5 year average |
| - Transaction costs payable to third parties | No | Yes – 3 year average |